Industrial Gearbox Global Market Report 2024

The industrial gearbox market size has grown strongly in recent years. It will grow from $29.95 billion in 2023 to $31.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The expansion observed in the historical period can be attributed to the growth in the manufacturing industry, robust economic growth in emerging markets, and an increasing demand for electric vehicles.

The industrial gearbox market size is expected to see strong growth in the next few years. It will grow to $39.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to the increasing adoption of industrial automation, rising urbanization, and a growing acceptance of in-built robots. Key trends expected in this period encompass a focus on technological advancements, product innovations, faster digitalized automation in industries, new product launches, and increased activity in mergers and acquisitions.

The industrial gearbox market is experiencing significant growth, primarily fueled by the increasing adoption of industrial automation. Industrial automation systems, characterized by computerized control and monitoring, streamline processes, reduce human labor, and enhance operational efficiency. In 2021, a robotic survey indicated that robots were integral to 44.9% of respondents' assembly and manufacturing facilities, with 34.9% using collaborative robots (cobots) and the remaining 65.1% employing industrial robots. This widespread adoption of industrial automation serves as a key driver for the industrial gearbox market.

The industrial gearbox market is expected to receive a boost during the forecast period due to the rising adoption of in-built robots. Robotics, an amalgamation of science, engineering, and technology, is witnessing extensive integration into industrial operations. According to Zippia, 88% of businesses in 2022 expressed the intention to invest in incorporating robotics into their operations, with 2.7 million industrial robots currently in operation worldwide. The manufacturing of these robots and their associated products necessitates the use of industrial gearboxes, establishing a substantial driver for the market's growth in the forecast period.

The trend towards faster digitalized automation in industries is another significant factor shaping the industrial gearbox market. This trend involves the accelerated integration of digital technologies, including artificial intelligence (AI), Internet of Things (IoT), and robotics, to enhance operational efficiency, boost productivity, and reduce costs. Companies aim to transform their facilities into smart factories where processes are automated and systems are interconnected via IoT. Schneider Electric, a provider of energy management and automation solutions, launched its Industrial Digital Transformation Services to assist industrial enterprises in achieving end-to-end digital automation. This trend is expected to drive the adoption of automated processes and contribute to the increased use of automated equipment, including industrial gearboxes.

Companies are strategically focusing on launching new products with advanced features to cater to diverse end-user industries. Many companies in the gearbox market have introduced new products to meet the growing demand. For instance, in September 2022, Premium Transmission, a gear and gearbox manufacturing company in India, unveiled new products in the industrial gearbox segment, including MI inline vertical agitator geared motor, smart modular bevel helical gearbox, recirculating cooling tower, and pressure safety valve Fluid Coupling.

In March 2022, RNWBL, LLC, a technology company based in the US, acquired Gearbox Express for an undisclosed amount. This strategic acquisition aims to position RNWBL as a provider of field services and technology to the renewable energy industry. Gearbox Express, a US-based gearbox manufacturer, specializes in offering remanufactured gearboxes, main shafts, parts, and related services.

Major companies operating in the industrial gearbox market report are Bosch Rexroth AG, Flender GmbH, Dana Incorporated, China High-Speed Transmission Equipment Group Co. Ltd., Bonfiglioli Riduttori SPA, Getriebebau NORD GmbH & Co. KG, Sumitomo Heavy Industries Co. Ltd., Lenze SE, Elecon Engineering Company Limited, Sew-Eurodrive, Ashoka Machine Tools Corporation, Nord Drive Systems, GearTech, Essential Power Transmission Pvt. Ltd., Nanjing High Accurate Drive Equipment Manufacturing Group Co. Ltd., Siemens AG, Stellantis, Renold PLC, Highfield Gears, Griffin Gear, Rexnord, Cone Drive Operations, David Brown, Atlanta Gear Works, Superior Gearbox Company, Motus Labsare, Dietz Electric Co. Inc., Sumitomo Drive Technologies, Worm Gearbox Manufacturer, Greenshpon Engineering Ltd., Apex Dynamics, Zollern, Ashot Ashkelon Industries, AL NIHAL INDUSTRIAL EQUIP. TR. LLC, Everest Electrical & Mech Equipment Trading LLC, Synergies Tech DMCC, Nishi Enterprise, Eickhoff, Principal Power Solutions, Volza's, Crane Solutions Global Services Company Ltd.

Asia-Pacific was the largest region in the industrial gearbox market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gearbox market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gearbox market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of industrial gearbox include planetary, helical, bevel, spur, worm, and other variations. The planetary system involves a collection of gravitationally bound non-stellar objects in or out of orbit around a star or system of stars. These gearbox designs encompass parallel axis, angled axis, and other configurations, serving various applications in construction and mining equipment, automotive, industrial, power generation, marine, and other industries.

The industrial gearbox market research report is one of a series of new reports that provides industrial gearbox market statistics, including industrial gearbox industry global market size, regional shares, competitors with an industrial gearbox market share, detailed industrial gearbox market segments, market trends and opportunities, and any further data you may need to thrive in the industrial gearbox industry. This industrial gearbox market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial gearbox market consists of sales of concentric, shaft mount, and right angle, driving shaft, clutch shaft, main shaft, layshaft, countershaft, and gear shift fork. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.